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Smart government policy: Takaful and Karama handouts will be contingent on school attendance: The Social Solidarity Ministry will make families’ cash benefits under the Takaful and Karama welfare programs contingent on their children maintaining a school attendance record of at least 80% of the year, Deputy Minister Nevine El Kabbaj told Youm7. El Kabbaj said […]
Author Archives: enterpriseam admin
Posted inSpeed Round
FRA completes first draft of Consumer Credit Act
LEGISLATION WATCH- FRA completes first draft of Consumer Credit Act: The Financial Regulation Authority finished writing the first draft of its proposed Consumer Credit Act, FRA Deputy Chairman Khaled El Nashar told Al Mal. The proposed law differentiates between retailers offering sales on installment and consumer finance houses: All consumer finance companies will be subject […]
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Sarwa Capital applies for sukuk issuer license
Sarwa Capital applies for sukuk issuer license: Consumer- and structured-finance player Sarwa Capital has submitted a request to the Financial Regulatory Authority (FRA) for a license to issue sukuk (sharia-compliant bonds), Al Mal reports. Sarwa would become the first Egyptian player to hold a sukuk license if its application is approved. The FRA had set […]
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Egypt’s M2 Money Supply grows 14.4% y-o-y in November
Egypt is printing money at a slower pace: Egypt’s M2 money supply grew 14.04% y-o-y at the end of November to EGP 3.58 tn, according to CBE data. That pace is slower than the previous two months — broad money supply grew by 15.4% and 16.3% in October and September, respectively. What is M2, anyway? […]
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EFG Hermes tops brokerage league table for December
EFG Hermes topped the EGX’s brokerage league table for December with a market share of 21.9%, according to figures released by the EGX (pdf). Beltone Financial came in second last month with a 14.2% market share, followed by CI Capital (5.5%), Pharos Securities (4.8%) and Pioneers (4.4%).
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Emaar backs off from 1,500 feddan residential project in Egypt’s new capital
Have talks broken down between Emaar and the new capital authority? Bloomberg reported on Monday that talks between Emaar and the New Administrative Capital Company (NACC) to develop a 1,500 feddan mixed-use project in the city have broken down. The business information service quoted NACC Chairman Ahmed Zaki Abdeen as saying Emaar wouldn’t accept the […]
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Khalil bids to take Raya private following Egypt’s FRA decision
M&A WATCH- Khalil launches bid to take Raya private: Raya Holding founder Medhat Khalil has submitted a mandatory tender offer for 36.7% of Raya, the Financial Regulatory Authority said in a statement to the EGX (pdf). Khalil is bidding for c. 46.3 mn shares at EGP 9.4 a share, bringing the transaction value to EGP […]
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Heliopolis Housing, a pilot of the state’s privatization program, could sell Al Nasr stake
M&A WATCH- Heliopolis Housing could sell Al Nasr stake: State-owned Heliopolis Housing and Development (HDD), one of the first companies set to pilot the state’s new privatization drive, could sell a 20% stake in Al Nasr Real Estate Development worth some EGP 48 mn to Zahraa Maadi Investment, according to a regulatory filing (pdf). Zahraa […]
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Three Vietnamese tourists dead in Giza attack
Three Vietnamese tourists and their Egyptian tour guide were killed in a bomb attack near the Giza Pyramids on Friday, Reuters reports. At least 10 other people were also injured, including nine Vietnamese nationals and an Egyptian bus driver. Prime Minister Moustafa Madbouly told reporters the bus driver deviated from a secure, pre-planned route. The […]
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El Sisi appoints two new deputies for Egypt’s Suez Canal Economic Zone
MOVES- SCZone gets two new deputy chiefs: President Abdel El Fattah El Sisi has named Mohamed Marey and Mohamed Beraya as new deputy heads of the Suez Canal Economic Zone, according to a decree published in the Official Gazette (pdf). The new officials succeed Mahfouz Taha and Mohamed Abdel Aziz.